Section 76 provides for penalty for failure to pay the amount while Section 78 provides for penalty for suppressing the taxable value. Section 78 is, thus, more comprehensive and provides for higher amount. Even if technically, the scope of sections 76 and 78 is different, penalty under Section 76 may not be justified if penalty had already been imposed under Section 78; the appellate authority was within its jurisdiction not to levy penalty under section 76 of the Act having regard to the fact that penalty equal to service tax had already been imposed under section 78 of the Act.
Sinhgad Technical Education Society vs. ACIT (ITAT Pune) -Though section 153C of the Income Tax Act confers jurisdiction if the Assessing Officer is ‘satisfied’ that ‘documents’ seized belong to a person other than the person referred to in section 153A so as to be able to assess that other person, the document must have prima facie incriminating information. The document seized must not only be a ‘speaking one’ but also be prima facie ‘incriminating one’ for attracting section 153C. If the impugned documents merely contain the notings of entries which are already recorded in the books of account or subjected to scrutiny of the AO in the past in regular assessment u/s 143(3) of the Act, such document cannot be said to be containing the incriminating information so as to confer jurisdiction u/s 153C.
The assessee has stated that additions to the fixed assets include loss of foreign exchange rates at the year-end which is added to the written down value of the block of assets. This adjustment pertaining to fixed assets i.e. (premises) acquired in India out of foreign currency loans. The assessee was asked as to why such claim should not be disallowed. The assess
The assessee is mainly engaged in the business of rendering rating, advisory, and research and information services, and the assessee also has a unit registered under the software technology park scheme which is granted approval for “development and export of computer software, information technology and enabled services”. During the course of asse
The activity of frequent buying and selling of shares over a short span of period has to be treated as business being adventure in the nature of trade and the income has to be treated as business income and not as capital gain.
The DOT licence fee paid by assessee is not in the nature of capital expenditure falling under section 35ABB, but the same is revenue in nature, allowable under section 37(1)
Though in Section 68 proceedings, the initial burden of proof lies on the assessee yet once he proves the identity of the creditors/share applicants by either furnishing their PAN number or income tax assessment number and shows the genuineness of transaction by showing money in his books either by account payee cheque or by draft or by any other mode, then the onus of proof would shift to the Revenue.
The Supreme Court has, on facts of the case, upheld the decision of Madras High Court that from the scheme of amalgamation becoming effective, proceedings in which the transferor company was a party be continued and enforced by or against the transferee company in the same manner and to the same extent as it could be or might have been continued and enforced by or against the transferor company as if the scheme had not been made. In other words, when a transferor company stands dissolved (with or without winding up) due to amalgamation, its right under the decree for eviction devolves on the transferee company.
The ruling upholds and reiterates the OECD position on pass -through costs that are not incurred for value-added purposes. It will provide clarity and guidance to taxpayers and tax administration alike on the issue of determination of cost base in si
Purchase price of generic unpatented APIs from associated enterprises can be benchmarked against the price of same APIs sold by other independent producers despite difference in quality The Mumbai bench of the Income Tax Appellate Tribunal (Tribuna
